1、2025 年9 月，公司取得签约销售金额98.0 亿元，签约销售建筑面积49.3万平方米。2025 年1-9 月， 公司取得签约销售金额806.9 亿元，签约销售建筑面积367.5 万平方米（均未计入物业租金收入）。 2、截至2025 年9 月30 日，公司已认购（未签约）销售金额共计6.4 亿元。 点评：品牌价值引领发展，销售表现持续亮眼，期间费率下降明显品牌价值引领发展：中国金茂连续21 年入选"中国500 最具价值品牌"，展现稳定品牌号召力。2025 年，金茂以742 亿元的品牌价值再次入 榜，位列第170 位，品牌价值较去年提升近80 亿，排名上升一位。公司始终以品质初心引领"好房子"建 设，通过"金玉满堂"系列产品的精彩呈现，在当前房地产行业销售整体下行的背景下，通过品质升级驱 动，走出独立行情。 销售表现持续亮眼：品牌价值赋能叠加经营效率提升，公司近期销售表现持续亮眼。边际来看，2025 年7 月/8 月/9 月，公司单月签约销售金额分别为84.6/90.8/98.0 亿元，单月同比分别为 机构：光大证券 研究员：何缅南 事件：公司发布2025 年9 月未经审核销售数据。 期间费率下降明显：公 ...

Core Viewpoint - China Jinmao (00817) has demonstrated strong brand influence and impressive sales growth, leading to an upward revision of net profit forecasts for 2025-2027 [1][2] Group 1: Sales Performance - In September 2025, the company achieved a signed sales amount of 9.8 billion yuan, with a signed sales area of 493,000 square meters [2] - For the first nine months of 2025, the company recorded a signed sales amount of 80.69 billion yuan and a signed sales area of 3.675 million square meters, excluding rental income [2] - Monthly signed sales amounts for July, August, and September 2025 were 8.46 billion, 9.08 billion, and 9.8 billion yuan respectively, with year-on-year growth rates of +49.5%, +46.5%, and +39.9% [3] - The total signed sales amount for Q3 2025 was 27.34 billion yuan, up from 18.86 billion yuan in Q3 2024, with a signed sales area of 1.281 million square meters [3] - The average signed sales price in Q3 2025 was 21,346 yuan per square meter, compared to 18,720 yuan per square meter in Q3 2024 [3] Group 2: Brand Value - China Jinmao has been listed among the "Top 500 Most Valuable Brands in China" for 21 consecutive years, ranking 170th in 2025 with a brand value of 74.2 billion yuan, an increase of nearly 8 billion yuan from the previous year [2] - The company emphasizes quality in its "Good House" construction, driving independent market performance despite an overall downturn in the real estate sector [2] Group 3: Operating Efficiency - The company's management expenses for the first half of 2025 were 1.22 billion yuan, down from 1.29 billion yuan in the same period of 2024, with a management expense ratio of 4.8% [4] - Sales expenses for the first half of 2025 were 830 million yuan, compared to 980 million yuan in the same period of 2024, with a sales expense ratio of 3.3% [4] - The significant decrease in expense ratios reflects improved organizational structure and operational efficiency, showcasing the value of the Jinmao brand [4]

Core Viewpoint - China Jinmao (00817) has demonstrated strong brand influence and impressive sales growth, leading to an upward revision of net profit forecasts for 2025-2027. The current stock price corresponds to a PE valuation of 13.7/12.0/10.8 times for 2025-2027. The rating is maintained as "Buy" [1]. Sales Performance - In September 2025, the company achieved a signed sales amount of 98.0 billion yuan, with a signed sales area of 493,000 square meters. For the first nine months of 2025, the signed sales amount reached 806.9 billion yuan, with a signed sales area of 3.675 million square meters, excluding rental income [1]. - Monthly signed sales amounts for July, August, and September 2025 were 84.6 billion, 90.8 billion, and 98.0 billion yuan, showing year-on-year increases of +49.5%, +46.5%, and +39.9% respectively. The total signed sales amount for Q3 2025 was 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024 [2]. - Cumulatively, for the first nine months of 2025, the sales amount was 806.9 billion yuan, representing a year-on-year increase of +27.3%, with a sales area of 3.675 million square meters, up +6.0% year-on-year, and an average sales price of 21,958 yuan per square meter, up +20.1% year-on-year [2]. Operating Efficiency - The company's mid-year report for 2025 indicated that management expenses for the first half of the year were 1.22 billion yuan, down from 1.29 billion yuan in 2024, resulting in a management expense ratio of 4.8%, compared to 5.8% in 2024. Sales expenses were 830 million yuan, down from 980 million yuan in 2024, with a sales expense ratio of 3.3%, compared to 4.5% in 2024 [3]. - The significant decrease in expense ratios amidst rising sales performance reflects the company's organizational optimization and improved operational efficiency, showcasing the value of the "Jinmao brand" [3].

Core Viewpoint - The company has demonstrated strong sales performance and brand value, with a significant increase in sales figures and a notable decrease in expense ratios, indicating improved operational efficiency and brand strength [4][5][6][7]. Sales Performance - In September 2025, the company achieved a signed sales amount of 9.8 billion yuan, with a signed sales area of 493,000 square meters. For the first nine months of 2025, the total signed sales amount reached 80.69 billion yuan, covering an area of 3.675 million square meters [4]. - Monthly signed sales figures for July, August, and September 2025 were 8.46 billion yuan, 9.08 billion yuan, and 9.8 billion yuan respectively, showing year-on-year increases of 49.5%, 46.5%, and 39.9% [6]. - The total signed sales amount for the third quarter of 2025 was 27.34 billion yuan, compared to 18.86 billion yuan in the same period of 2024, with a signed sales area of 1.281 million square meters [6]. Brand Value - The company has been listed among the "Top 500 Most Valuable Brands in China" for 21 consecutive years, ranking 170th in 2025 with a brand value of 74.2 billion yuan, an increase of nearly 8 billion yuan from the previous year [5]. Expense Ratios - The company's management expenses for the first half of 2025 were 1.22 billion yuan, down from 1.29 billion yuan in the same period of 2024, resulting in a management expense ratio of 4.8% compared to 5.8% in 2024 [7]. - Sales expenses for the same period were 830 million yuan, down from 980 million yuan in 2024, with a sales expense ratio of 3.3% compared to 4.5% in 2024 [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company has demonstrated strong sales performance, achieving a signed sales amount of 98.0 billion yuan in September 2025, with a total of 806.9 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 27.3% [1][3] - The brand value of the company has been a significant driver of its development, with a brand value of 742 billion yuan in 2025, marking an increase of nearly 8 billion yuan from the previous year [2] - The company has seen a notable decrease in expense ratios, with management and sales expense ratios dropping to 4.8% and 3.3% respectively for the first half of 2025, indicating improved operational efficiency [4] Summary by Sections Sales Performance - The company reported monthly signed sales amounts of 84.6 billion yuan, 90.8 billion yuan, and 98.0 billion yuan for July, August, and September 2025 respectively, with year-on-year growth rates of 49.5%, 46.5%, and 39.9% [3] - For the third quarter of 2025, the signed sales amount reached 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024, with a signed sales area of 128.1 million square meters [3] Financial Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 1.25 billion yuan, 1.43 billion yuan, and 1.58 billion yuan respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 13.7, 12.0, and 10.8 for the years 2025-2027 [4]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue and profit growth, driven by quality products and improved operational efficiency [1][2][3] Financial Performance - For the first half of 2025, the company achieved operating revenue of 25.1 billion yuan, a year-on-year increase of 14% [1] - The net profit attributable to shareholders reached 1.09 billion yuan, reflecting an 8% year-on-year growth [1] - The company announced an interim dividend of 0.03 HKD per share, to be distributed by October 31, 2025 [1] Sales and Market Position - The company recorded sales contracts of 53.35 billion yuan in the first half of 2025, up approximately 20% from 44.54 billion yuan in the same period of 2024, ranking 9th in the industry [1] - This marks the company's first entry into the top ten of the industry rankings, previously ranked 12th in 2024 [1] Operational Efficiency - The company has implemented organizational changes to enhance management efficiency, reducing management levels to a "headquarters-regional company" structure [2] - Management expenses decreased to 1.22 billion yuan in the first half of 2025 from 1.29 billion yuan in 2024, with the management expense ratio dropping to 4.8% from 5.8% [2] - Sales expenses also declined to 830 million yuan from 980 million yuan, with the sales expense ratio falling to 3.3% from 4.5% [2] Financing and Credit Position - As of June 2025, the company's interest-bearing debt was approximately 123.3 billion yuan, a decrease of 4.7% year-on-year [3] - The total interest expense was about 3.26 billion yuan, down from 3.55 billion yuan in the same period of 2024 [3] - The company issued bonds totaling 1.7 billion yuan in February 2025 and 1.6 billion yuan in March 2025, with favorable interest rates of 2.79% and 2.93% respectively [3] Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with net profit estimates of 1.22 billion, 1.33 billion, and 1.46 billion yuan respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 14.6, 13.4, and 12.2 for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 25.1 billion RMB in the first half of 2025, representing a year-on-year growth of 14%, and a net profit attributable to shareholders of 1.09 billion RMB, up 8% year-on-year [1] - The company distributed an interim dividend of 0.03 HKD per share, to be paid to shareholders by October 31, 2025 [1] - The company ranked 9th in sales with a contract sales amount of 53.35 billion RMB in the first half of 2025, a 20% increase from 44.54 billion RMB in the same period of 2024, marking its first entry into the top ten of the industry [1] - The company has focused on quality-driven sales growth and organizational transformation, leading to improved operational efficiency and reduced financing costs [1][2] Summary by Sections Financial Performance - For the first half of 2025, the company reported management expenses of 1.22 billion RMB, down from 1.29 billion RMB in the same period of 2024, resulting in a management expense ratio of 4.8%, down from 5.8% [2] - Sales expenses were reported at 830 million RMB, down from 980 million RMB in the previous year, with a sales expense ratio of 3.3%, down from 4.5% [2] Financing and Debt - As of June 30, 2025, the company had interest-bearing debt of approximately 123.3 billion RMB, a decrease of 4.7% year-on-year, with short-term debt accounting for 22.3% [3] - The total interest expense was approximately 3.26 billion RMB, down from 3.55 billion RMB in the same period of 2024 [3] Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 1.22 billion RMB, 1.33 billion RMB, and 1.46 billion RMB respectively, up from previous estimates [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 14.6, 13.4, and 12.2 for 2025-2027 [3]